MIRA INFORM REPORT

 

 

 

Report Date :

13.08.2008

 

IDENTIFICATION DETAILS

 

Name :

CHARMING DIAMONDS (H.K.) LIMITED

 

 

Registered Office :

608, Winfield Commercial Building, 6-8A Prat Avenue, Tsim Sha Tsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

2006

 

 

Com. Reg. No.:

1077655

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Exporter and Importer of Diamonds, Gold Jewellery

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

name of the company

 

 

 

CHARMING DIAMONDS (H.K.) LIMITED

 

Business Address

 

608, Winfield Commercial Building
6-8A Prat Avenue
Tsim Sha Tsui
Kowloon
Hong Kong
Tel: +852-27213353
Fax: +852-27213354

 

 

 

 

 

 

 

 

 

SUMMARY

 

 

Founded:

2006

Legal form:

Private Limited Company

Registration date:

30.09.2006

ACTIVITY:

Exporter & Importer

Main Products:

Diamonds, gold jewellery

Staff:

3 (3 (estimated) in Hong Kong)

Paid-up capital:

HKD 1,000.00

Financial situation:

Modest but ordered

Payments:

Payments are made according to terms

Litigation:

clear

 

 

 

Registration status: 2006 - Registered company
Activity status: 2006 - Active company

 

 

 

 

IDENTIFICATION

 

 

Name:                       Charming Diamonds (H.K.) Limited

Telephone:                 +852-27213353

Fax:                          +852-27213354

 

Business Address:    608, Winfield Commercial Building
6-8A Prat Avenue
Tsim Sha Tsui
Kowloon
Hong Kong
Tel: +852-27213353
Fax: +852-27213354

                               

Registered Address:  608, Winfield Commercial Building
6-8A Prat Avenue
Tsim Sha Tsui
Kowloon
Hong Kong

 

                               

 

 

HISTORY AND REGISTRATION

 

 

Founded:                                   2006

 

Legal form:                                Private Limited Company

 

Registration date:                       30.09.2006

 

Company registry number:          1077655

 

BR Number:                              37469988

 

Annual return date:                     30.09.2007

 

Annual return filed on:                 07.05.2008

 

 

SHARE CAPITAL

 

 

Nominal capital:

 

HKD 10,000.00

Number of Ordinary shares:

1,000

 

Value per share of Ordinary shares:

HKD 10.00

 

 

Paid-up capital:

 

HKD 1,000.00

 

of which paid in cash:

HKD 1,000.00

 

 

 

 

SHAREHOLDERS

 

 

DMCC Chiutamani
Office No.1D03, Bldg No.1
Plot No. 550-554, DMCC Dubai
United Arab Emirates

Shareholder
Equity: 90%
90 Ordinary shares

MEHTA Milan Pradipkumar
Nationality: IN
Fazantenlaan Nr 44
2610 Wilrijk
Belgium

Shareholder
Equity: 10%
10 Ordinary shares

Total number of shareholders: 2

Former shareholder and director records:

B. & McK. Nominees Limited 1 share transferred to Chintamani DMCc on 20th December 2006

 

 

 

MANAGEMENT

 

 

B & Mck Nominees Limited - Corporate Secretary
1401 Hutchison House
10 Harcourt Road
Hong Kong


MEHTA Minal Milan - Director
Nationality: Belgium
Fazantenlaan Nr 44
2610 Wilrijk
Belgium

Passport ID: EG145957

SHAH Umesh Navinchandra - Director
Nationality: India
31, Atamount Road
193 Pushpar
Mumbai 400026
India

Passport ID: Z1578170

MEHTA Milan Pradipkumar - Former Director
Nationality: India
Fazantenlaan Nr 44
2610 Wilrijk
Belgium

Passport ID: A6682412
30.04.2008 (due to resignation)

MEHTA Minal Milan, Director
MEHTA Minal Milan is subject's Director who is engaged in subject's overall management and operation.

SHAH Umesh Navinchandra, Director
SHAH Umesh Navinchandra is subject's Director who is engaged in subject's overall management and operation.

Management Assessment
Subject is a relatively small entity. There is no clear division of management functions and responsibilities. One or two key figures are responsible for overall management.

 

 

ACTIVITY

 

NATURE OF BUSINESS:           Exporter & Importer

 

NACE:                                      4648 Wholesale of watches and jewellery

 

Main products:                           Diamonds, gold jewellery

 

 

Activity comment:                      Mr. Gopal, subject staff, declined to disclose any information regarding subject’s activities. Other sources revealed that subject is engaged in importing and exporting of fine jewellery (e.g. diamonds, gold). It is estimated that subject sources products from Mainland China and other Southeast Asian countries. Products are then marketed to Middle East, India, and Europe.

Basic traffic of phone calls, deliveries of documents indicates that subject is performing adequate level of daily business activities with some functional divisions and business structures. Operations are observed to be properly organized with necessary number of staff.

 

 

 

MARKETS

 


Middle East, Europe, India
Payment terms:
T/T
L/C (letter of credit)

(Estimated)

 

 

 

PURCHASES

 

 


China, South East Asia, Hong Kong
Payment terms:
T/T
L/C (letter of credit)

(Estimated)

 

 

 

 

PREMISES

 

Address:                

608, Winfield Commercial Building
6-8A Prat Avenue
Tsim Sha Tsui
Hong Kong

Type of premises:    office premises

Type of ownership:   Premises at business address are rented

Area:                      Commercial

Condition:               reasonable

Equipment:             Properly equipped and maintained


Computing equipment was observed at captioned premises with enough basic office and other supportive facilities.

 

 

STAFF:
Total staff: 3

Staff in Hong Kong: 3 (estimated)

 

 

IMPORTANCE:         

Small Company

 

 

 

 

FINANCE

 

 

Financial situation:      Modest but ordered

Status of company:     Properly run

Business trends:        Stagnant

 

Direct interview:          Mr. Gopal, subject's staff

 

 

Financial data source: Declined to disclose any financial data

 

 

Mr. Gopal, subject's staff declined to disclose any financial information due to company policy. Formal written request has been sent to subject for further information, however, we have received no reply up till the submission of this report.

Under Hong Kong Companies Law, private companies are not obligated to release its financial information to public.

With respect to subject’s operation scale, size and compared with similar size companies in industry, estimated annual turnover is over HKD 20M.

Subject has relatively short establishment history, with minimal amount of paid –up capital (HKD 1,000). Subject’s capability to overcome financial difficulties is deemed limited and not demonstrated with concrete evidence.


Ratios:

Ratios not available

 

 

Charges:                  

None in current years

 

 

Bankers

 

Declined to disclose

 

 

 

Payments:                Payments are made according to term

 

 

Litigation records

 

Clear
on subject: clear

 

 

Insolvency Information:   According to available information sources the company is not in a insolvency/Preliminary/debt regulation proceeding.

 

 

Negative file check:     clear

 

 

 

Company comment:

Secure terms are recommended. Small business is deemed carried out with limited resources for regular financial commitments. Capability to overcome financial difficulties is not demonstrated with concrete evidence. Business should be done on a secured basis with close monitoring.

 

Company Assessment:

Above medium risk

 

 

 

 

 

Macro Economic Indicator - Hong Kong

(USD billions)

2003

2004

2005

2006

2007 (f)

2008 (f)

Economic growth (%)

3.2

8.6

7.5

6.9

5.6

5.3

Inflation (%)

-1.9

0.3

1.4

2.3

3.0

3.1

Public sector balance (%GDP)

-3.3

1.7

1.0

2.7

2.7

3.0

Exports

224.7

260.3

289.5

317.6

343.3

381.9

Imports

230.4

269.6

297.2

331.7

362.6

400.2

Trade balance

-5.8

-9.3

-7.6

-1.4

-2.0

-1.8

Current account balance

16.5

15.7

20.2

20.2

20.1

24.6

Current account balance (%GDP)

10.4%

9.5%

11.4%

10.6%

9.9%

11.1%

Foreign debt

37.8%

41.0%

40.7%

38.0%

36.3%

35.4%

Debt service (%Exports)

1.8%

2.1%

2.2%

2.3%

2.1%

2.0%

Currency reserves (import months)

4.8

4.2

3.7

3.4

3.2

3.0

(e)estimate (f)forecast

 

 



COUNTRY RATING (Hong Kong)

Rating : A1

The steady political and economic environment has positive effects on an
already good payment record of companies.Very weak default probability.

For further information of country rating and payment experience such as
Assets – weaknesses – risk outlook; Industries overview; Insolvency trend;
Means of payment and collection methods; and Non payment index,
please visit our group’s official homepage at www.cofacerating.com or go
directly to your interest at www.cofacerating.com/anglais/home/Country.html

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.42.67

UK Pound

1

Rs.80.92

Euro

1

Rs.63.71

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions